Wells Fargo is this year’s leading bank in the North American foreign-exchange landscape, delivering exceptional performance, innovation and client-centric execution across institutional and corporate segments. Since its strategic expansion into institutional FX in early 2021, the firm has demonstrated a clear and consistent trajectory of growth, underpinned by its investment in talent and technology.
In 2025, Wells Fargo stands as a top-10 FX provider in North America, with year-on-year growth driven by impressive strategic risk-management advisory and continuous enhancements to its trading capabilities and electronic FX (eFX) offering. The firm’s global eFX business has become a cornerstone of its FX growth, nearly doubling volumes in the financial year 2024 and maintaining strong momentum into 2025.
With an institutional internalisation rate approaching 90%, Wells Fargo has significantly sharpened its pricing and market-making capabilities, reinforcing its competitive edge.
The firm’s client outcomes speak volumes. Wells Fargo is now a top-five FX provider for North American corporates, having increased its share of wallet year-on-year. Across institutional core segments, asset managers, hedge funds and banks, the firm has made gains in market share, a testament to its streamlined processes and client-focused solutions. This success reflects a deliberate and disciplined approach to deepening FX wallet penetration and optimising electronic execution.
A highlight of Wells Fargo’s win this year has been product innovation within its FX strategy. The firm has scaled its FX options business through senior hires and targeted G7 coverage, while emerging markets (EM) capabilities have expanded significantly. EM swap volumes have doubled since 2023, and EM non-deliverable forwards (NDFs) volumes have risen by significantly as well, reflecting growing client demand and the firm’s ability to deliver sophisticated solutions in complex markets.
This accolade underscores the success of our team in expanding the FX franchise, enhancing our sales and trading capabilities, and investing in our people and technology
Vince Hindman and Rob Hitschler
A further differentiation point is the firm’s operational excellence. Wells Fargo is fully connected with CLS and LCH, and interfaces seamlessly with all major multi-dealer platforms (MDPs). Its in-house risk-management tools and dashboards provide real-time visibility to trading and sales teams, enhancing decision-making and execution. The firm has prioritised increasing straight-through processing (STP) rates, completing a full risk and control self-assessment (RCSA) in 2024 and undertaking a refresh in 2025 to ensure its control framework remains robust and responsive.
Looking at Wells Fargo’s governance and transparency, the firm adheres to the FX Global Code, reports transactions to all applicable repositories (including the European Market Infrastructure Regulation (EMIR) and Commodity Futures Trading Commission (CFTC), and aligns with evolving regulatory requirements. Its publicly available last-look disclosure and detailed onboarding materials for algorithmic offerings underscore its commitment to ethical and transparent market practices.
Finally, Wells Fargo’s FX franchise also reflects the firm’s broader commitment to environmental, social and governance (ESG) and diversity, equity and inclusion (DEI). Aligned with the overall Wells Fargo strategy, the FX business integrates sustainability and inclusion into its operations and client engagement, reinforcing its role as a responsible market participant.
Vince Hindman and Rob Hitschler, co-heads of macro, tell Euromoney: “We are excited to be recognised once again by Euromoney as the best FX bank in North America. This accolade underscores the success of our team in expanding the FX franchise, enhancing our sales and trading capabilities, and investing in our people and technology to meet clients’ needs and deliver best-in-class service.”
Wells Fargo’s FX business in North America exemplifies market competitiveness and client impact. Through disciplined growth, innovative product development and operational rigour, the firm has positioned itself as a leading FX provider in North America.
